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Dec 31, 2019
Centerspace Q4 2019 Earnings Report
Centerspace's financial performance reflected a strategic shift towards key growth markets and improved operational efficiency.
Key Takeaways
Centerspace reported a strong Q4 2019, highlighted by earnings per share of $3.89 and Core FFO per share of $0.96. The company's strategic focus on key growth markets and efficient expense management contributed to positive results, including a 2.8% increase in same-store revenue.
Centerspace reported earnings per share of $3.89 for Q4 2019, compared to a loss of $0.49 in Q4 2018.
The company's FFO per diluted share was $0.90, while Core FFO per diluted share reached $0.96 for the quarter.
Same-store revenue increased by 2.8% year-over-year, driven by growth in rental revenue and occupancy.
Centerspace strategically exited slower-growth markets, selling properties for an aggregate of $203.1 million.
Forward Guidance
Centerspace provided its 2020 financial outlook, projecting same-store revenue growth between 2.5% and 4.0% and same-store NOI growth between 1.0% and 3.0%.
Positive Outlook
- Projected revenue increase from $155.414 million
- Expected same-store capital expenditures of $825 to $900 per home
- Planned value-add expenditures of $10.0 million to $15.0 million
- Anticipated investments of $66.0 million to $72.0 million
- Company is providing guidance for 2020
Challenges Ahead
- Projected interest expense of $27.7 million to $27.3 million
- Planned preferred dividends of $6.8 million
- Estimated general and administrative expenses of $14.65 million to $14.35 million
- Expected property management expenses of $6.725 million to $6.475 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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